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Buy a Mesa Home for Sale
Without Having Thousands In the Bank
Buying a Mesa home for sale sometimes
seems like a daunting prospect, especially when buyers are
confronted with a down payment. In the past, home buyers had to
use a traditional mortgage plan: one that demanded that buyers
put down 20% of the purchase price of the home. Fortunately,
there are a lot more options for new buyers, especially those
interested in a home in Mesa.
Think about how much of a down payment you would have been
required to save with a traditional loan. If you found a Mesa
home for sale listed at $300,000, you would have been
required to put down $60,000. That's an enormous amount of money
to save.
The traditional 80/20 loan wasn't so unrealistic decades ago
when home prices were so much lower. When a new home was priced
at $50,000, saving $10,000 wasn't quite such an insurmountable
obstacle. But rising home prices have meant that mortgage
companies and banks either have to come up with other options,
or buyers would have to wait decades to purchase a home.
There are a number of lending programs that make buying a
Mesa home for sale much more affordable. Some of the lending
programs require no down payment, while some programs only
require a 5% down payment.
Although these mortgage programs make it more affordable for
home buyers to get into a home, there are some factors to
consider. When a buyer takes a loan out with less than 20% down
payment, the lender will almost always require that the buyer
pay a private mortgage insurance (PMI).
Private mortgage insurance protects the lender in the event that
the buyer should default on the loan. PMI is usually assessed at
1% of the loan value. The PMI is added into your monthly
payment, but it does not go towards the repayment of the loan or
the interest. PMI is partially tax deductible. When the loan
amount drops below 80% of the appraisal price, the PMI is
eliminated.
There are other options for purchasing a Mesa home for sale.
As an example, buyers can take out a piggy back loan. This is
actually two loans; the first loan covers 80% of the home price,
the other loan covers the remaining 20% of the price. If you
take this type of loan, you avoid paying PMI on the loan.
Buying a Mesa home is an important step in building a strong
financial future. But it can be difficult to take the first
step. That's why it's so important to talk with a mortgage
consultant to discuss your options. You will find that there are
a number of options that work well for you, and allow you to get
into the home of your dreams in Mesa.
Utilize my Mesa MLS services to find a
Mesa home for sale. | |
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Request a Comparative Market Analysis. |
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Search the Multiple Listing Service for homes for
sale in your area. | | 
Find out why my service will exceed your expectations. |
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